Software maker SAP SE, which owns the Fieldglass vendor management system, announced last week that its CEO Bill McDermott is stepping down. The Walldorf, Germany-based firm announced that Jennifer Morgan and Christian Klein have been appointed co-CEOs effective immediately.

Morgan most recently served as president of the company’s cloud business group, which included SAP Fieldglass, SAP Ariba, SAP SuccessFactors, Qualtrics, SAP Concur and more. Morgan had joined the company in 2004 and was named an executive board member in 2017.

Klein most recently served as COO; he was appointed to the executive board in 2018.

McDermott will remain in an advisory capacity until the end of the year.

SAP also announced preliminary results for the third quarter with revenue up 13% to €6.79 billion (US$6.20 billion).